AUD/CHF 4H Chart: Rising Wedge

AUD/CHF approached a very strong support area in the range between 0.70 and 0.7020. There both 55 and 100-period SMAs are heading upwards, while getting help from the weekly pivot point at the same time. Additional demand is represented by the monthly R1 at 0.6989. All of them have to be tested in the nearest future, in order to successfully reach the pattern's lower trend-line at 0.6940. Despite bullish SWFX sentiment (74%), we preserve bearish outlook for the Aussie in this rising wedge pattern. A downward break out from the pattern is possible and bears are going to target the Oct 21 low at 0.6874, followed by Sep low at 0.6706. 4H and weekly indicators support this idea for the moment.